Other parts of this series:
- Harness technology to enable the future workforce in insurance
- One size doesn’t fit all: Why insurers need a multi-speed talent strategy
- It’s time to reinvent insurance performance management. Technology can help.
- Intelligent automation is an opportunity for insurance HR to drive digital transformation
As intelligent automation (IA) looms, insurance leaders must attract, hire and retain workers more strategically. A multi-speed talent strategy is key to delivering on the promise of digital transformation.
Insurers aren’t strangers to the idea of multi-speed operating models. In fact, in a cross-industry study of traditional companies, 81 percent of executives said that in the future, their company will need to manage multiple operating models in parallel. So why do so many organizations cling to a one-size-fits-all talent strategy?
As insurers develop more sophisticated capabilities in automation, analytics and artificial intelligence (AI), they require different employees with different skills. Flexibility and adaptability are particularly important, especially as more people will begin to work alongside machines.
For example, consider a sales team and a digital solutions team within the same organization. With a multi-talent strategy, the overall framework would be the same—but each team would have tailored recognition and reward structures, different ways of engaging team members, and customized training programs. Getting even more granular, each team member would receive a personalized program for his or her unique skill set, role and career objectives.
Two keys to a multi-speed talent strategy
As outlined in a recent Accenture report, there are two keys to a multi-speed talent strategy:
- Understand which parts of the employee lifecycle need to be tailored—both for individuals, but also for lines of business or business functions.
- Determine which parts of the lifecycle can be standardized, modularized and reused.
The HR function is crucial to helping insurers make the shift from monolithic to multi-speed talent strategy—and to being able to connect the needs of the business with the talent to deliver on those needs.
To learn more about how a multi-speed talent strategy can help you become more competitive, download Multi-Speed Talent. Many thanks to my Accenture colleagues, Katherine LaVelle, Shammak Banerjee and Torin Monet, for their great work in this area. For more details on how Accenture can help you unleash the power of a multi-speed talent strategy, email me.